506 Elizabeth Street - Old Town - Key West - A Place Worthy of Consideration

I first wrote about 506 Elizabeth Street when it was first listed, but not by me, a couple of months ago.  I really thought some smart buyer would jump on this property which has a superior Old Town Key West location, the historic look, enough space (1292 sq ft) to create a wonderful Key West getaway or keep it as a combination house and legal rental.

The house was built in the 1890s and is currently configured as a legal duplex. However, by opening a door in the front hallway the two residences can easily become one again. I found an old black and white photo of the house as it sat when photographed in 1965. I took a similar photograph that shows how the house looks today. The architectural detail has been preserved if not improved by fresh paint and shutters.

The house sits about 100 feet south of Fleming Street on a 50' x 28' lot  and across the Monroe County Public Library. The lot provides outdoor space for the ground floor tenant or owner. There is a good sized rear deck located off the bedroom. There is space there for a hot tub or spa. Both the main level and second floor apartments have wonderful covered front porches for people watching.   The large blue house next door to the south is nearly finished after three years of construction. A narrow driveway next to 506 Elizabeth Street leads to a parking lot for the owners of condominiums located on Fleming Street.

The listing Realtor describes 506 Elizabeth Street this way:

"2 Story Home Located In The Historic District Of Old Town; 2 Blocks From Duval and; All The Shops & Restaurants The City Has To Offer! Each Floor Has A Full Bath W/Laundry Facilities, A Kitchen, Bedroom and; Living Room. At This Moment A Legal Duplex Witch Could Be Restored Into A Single Family Residence. Covered Porches Add To The Wonderful Outdoor Living Space." 

Both units have Dade County Pine walls, ceilings and floors. The main level wood walls have been covered in most areas but the Dade Pine is still existent underneath and could be exposed again if a new owner prefers the historic look.  Dade County Pine walls are the distinctive architectural feature on the second floor where years of paint have been removed to show off the rich deep grain and color of the native wood.

 

Second Floor Apartment

The main level kitchen now has 21st Century granite and designer flair. The second floor kitchen is more 'old school' and utilitarian. The second floor kitchen is marked by a shiny tin ceiling.

The main level bedroom has ample closets for storage. A door at the rear opens out to the rear deck area that is fenced and which provides quality outdoor living area.  There is room for a hot tub in this space. (No permit is required as a hot tub is portable and can be removed.)  The main floor apartment might rent for $1800 per month.

The bedroom on the second level is quite spacious. The hallway is extra large and provides workspace for a home office.  The second floor apartment might rent between $1500 to $1700 per month. (Rentals are estimates as the owner was renting both units at below market rates to friends when I initially photographed the property. Both units are now vacant and easy to show.  I kept some of the early photos to demonstrate the spaces.)

506 Elizabeth Street just might be the answer to the dreams of many would-be second home buyers in Key West. As a legal duplex a new owner could retain one apartment for personal use and rent the second one either as full time or possibly as vacation rental. (I think the first floor unit with a hot tub on the private rear deck could work well as a vacation rental.)  But either unit could be rented for enough money to probably pay the annual taxes, insurance, and maintenance costs on the building. At some time in the future the owner could open the hallway door and return the property to single family status. CLICK HERE to view more photos.

You could not ask for a better location.  All of the wonders of Duval Street and the more relaxing elements of the Historic Key West Seaport are within a five minute walk from 506 Elizabeth Street. People from around the world go to Nearby Sarabeth's for breakfast, lunch, and dinner.  You could be there in just a couple of minutes. The Tropic Cinema is one of the best small movie theaters in the US. You could be there in five minutes by foot. If you are gay and want a place to swim with the boys, you could go to the Island House on White Street. But if you are straight, you could instead go over to Dante's. That's the reason this location is so great-you can go anywhere by foot in a matter of minutes. And when you get to your destination, you might just have a very memorable experience.

506 Elizabeth Street is offered at $699,000.  CLICK HERE to view the Key West mls datasheet and to view listing photographs. But better than that please call me, Gary Thomas, 305-766-2642 to set up a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.